HIGH PERFORMANCE SECURITY REPORT 2016

Blog und Dialog

PERCEPTION VS. REALITY

How secure are banks and financial services firms? Turns out, many are
less secure than they think.

Our research uncovered a dangerous disconnect. Some 78 percent of
large enterprise security executives surveyed reported confidence in
their cybersecurity strategies, and 76 percent said cybersecurity is
embedded in the culture. But our report found these same banks
fending off 85 targeted breach attempts per year, on average—one
third of which are successful. This equates to 2 to 3
breaches each month.

4 IN 5 BANKS ARE CONFIDENT
THEY’RE PROTECTED

BUT 1 OF EVERY 3 CYBER
ATTACKS SUCCEEDS

REBOOTING YOUR CYBERSECURITY

To build better cybersecurity,
it’s time for banks to take a long,
hard look at their defenses.

The trick, as survey respondents admit, is that cybersecurity can be something of a black box: Banks don’t know what they don’t know. But they can begin to better assess the threats facing them—both internal and external—and to prioritize their investments. Our report offers strategies for assessing a bank’s cybersecurity approach, and for eliminating a dangerous disconnect.

A TWO-PRONGED SOLUTION

To effectively resolve the cybersecurity disconnect, banks can adopt a strategy that is cross-functional, with multiple business lines owning their part of the solution.

Individually, cybersecurity assessment and attack simulation can deliver detailed insights with pinpoint accuracy. Combined, they are more powerful. Performed in parallel, these assessments highlight current and potential gaps—and help the bank prioritize and demonstrate, to all levels of leadership, the investments needed to deliver cybersecurity.

CYBERSECURITY
ASSESSMENT

An evaluation of a
bank’s existing
cybersecurity
measures

ATTACK
SIMULATION

A real-world exercise
that evaluates a bank’s
response to incursion

INVEST TO STRENGTHEN RESILIENCE

Only 44% of banking respondents have confidence in their cybersecurity capabilities regarding any of the 7 key domains below, but by investing in these areas, banks can improve defenses and strengthen resilience:

Business alignment

Identifying scenarios that could materially
affect the business.

Only 34%

of businesses surveyed are able to identify
high-value assets and business processes.

Governance and leadership

Building a security-minded culture focused
on
cybersecurity accountability.

Only 40%

of surveyed businesses have a clear
cybersecurity chain of command.

Strategic threat context

Striving to align cybersecurity programs with
business strategy.

Only 41%

of businesses surveyed are competent in
business-relevant threat monitoring.

INVEST TO STRENGTHEN RESILIENCE

Only 44% of banking respondents have confidence in their cybersecurity capabilities regarding any of the 7 key domains below, but by investing in these areas, banks can improve defenses and strengthen resilience:

Cyber resilience

Maintaining operational excellence despite
cyber disruptions.

Only 40%

of surveyed businesses have systems and
processes that are properly designed in
accordance with cyber resilience
requirements.

Cyber response readiness

Putting in place a robust response plan, with
communication, protection and recovery, and
escalation paths.

Only 44%

of businesses surveyed have proper cyber-
incident escalation paths.

Extended ecosystem

Having the bank’s network of providers and
suppliers ready to cooperate during crisis
situations.

Only 44%

of surveyed businesses are competent at
dealing with third-party cybersecurity.

INVEST TO STRENGTHEN RESILIENCE

Only 44% of banking respondents have confidence in their cybersecurity capabilities regarding any of the 7 key domains below, but by investing in these areas, banks can improve defenses and strengthen resilience:

Investment efficiency

Understanding cybersecurity investments
across domains.

Only 40%

of cybersecurity investments protect key
assets.

ABOUT THE

STUDY

In 2016 Accenture surveyed 2,000 executives from 12 industries and 15 countries globally, including 275 executives from the Banking sector.

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